J.P. Morgan European Internet Guidebook

Research evidence excerpt

J.P. Morgan European Internet Guidebook

nce of continued share gains in the German

advertising market, while weakness in the Saas/E-Commerce related assets is likely to remain an overhang with any disposal optionality appearing limited near term. Following a

solid set of Q126 results, management held a constructive conference call (HERE), highlighting the encouraging Q2 guidance, while noting that economic and geopolitical

uncertainty remains. We published our preview on Auto Trader ahead of its FY26 results (HERE), where we reiterated our cautious call into the earnings season arguing that there

remains an ongoing disconnect between valuation and earnings, while the AI overhang and operational headwinds also remain.Scout24 held its CMD last week with the

management outlining an AI-led product roadmap to boost agent productivity, improve adoption visibility and monetisation, alongside further AI-driven cost efficiencies under new

CFO Martin Mildner. Overall, we see updated growth and profitability ambitions as ahead of expectations, supporting modest EBITDA upgrades and reinforcing our OW view

(HERE). Auto1 released a strong set of Q126 results (HERE), driven by strong unit growth across both segments as well as solid overall gross profit development. We maintain our

view that the business remains in good shape and structural growth story is progressing well and reiterated our OW rating (HERE) as we await the company’s CMD on June 17th for

more detailed segmental disclosure and long-term goals. Future released an in-line set of H126 results (HERE), with management confidence in confidence in delivering on FY26

guidance following which we believe to ease investor concerns on durability of H2 growth and profit levers.